An economic historian by training, Hill has written on institutional change and the evolution of property rights. His book with Terry Anderson, The Not So Wild, Wild West, challenged many of the traditional theories of how the West was settled. Rather than a place of anarchy and violence, it was characterized by local groups forming to solve collective action problems.

Born and raised on a family ranch in eastern Montana, Hill has maintained an interest in cattle ranching while pursuing an academic career. He received his BS from Montana State University, and his PhD from the University of Chicago.